Operation Hafta Vasooli: Cyberlaw expert Virag Gupta decodes ways to tackle frauds related to Instant loan apps

Operation Hafta Vasooli: In conversation with Zee Business news anchor Deepak Dobhal, cyber law expert Virag Gupta said there are 5 ways to get rid of instant loan app frauds. It can be done in 5 stages - one is understanding problem; other stages involve proof, law, decision and implementation.

Gupta said the first step was to understand the problem. It is very clear that instant loan app fraud is not just a problem, but it is an epidemic, he said. Fraud call centers and fraud companies are proof of this.

The cyber law expert said that in the recent meeting of the Finance Ministry, it has become clear that the laws and orders of NBFCs or RBI or banks are correct. Also, the decision and action are properly taken by the government against this fraud. But according to him, the problem is in the 5th stage.

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Repeating himself Gupta said, that only those apps should be given place in Apple and Google Play Store which comply with all the laws and regulations of the government. He said that all other apps should be banned. And this work will be done only under the IT Ministry.

The cyber ​​law expert Gupta said that there is no need to enact a new law for this instant loan app fraud. According to him, awareness is being spread but we need to understand 2-3 things. There are apps that strictly comply with the rules of NBFCs and have been placed in one category. But there are other apps too that do not follow the rules and regulations. He said that these apps need to be removed as soon as possible.